03.07.2009
Real age 55, lifestyle age 25
Leading psychologist calls for recognition of new reality of ageing
Society's view of ageing is fundamentally flawed with the over 55s in reality travelling the world and living the happiest and most fulfilled lifestyle of any age group, according to the Standard Life report 'Age Old Stereotypes', published today. In the report, psychologist Honey Langcaster-James calls for an end to society's 'deep rooted ageism' and recognition that baby boomers have lifestyles closer to our perception of under 25 year olds than over 55s.
The report is based on a YouGov survey of 2,100 UK adults and found:
- People define over 55 year olds by what they don't do. The perception is they are most likely of all age groups to be lonely and least likely to have hobbies or be doing anything adventurous
- In reality, over 55 year olds are most likely to be active in the community, most likely to be travelling abroad and least likely to be lonely. Of all age groups, over 55s are most likely to be happy and content
- Most people believe that the 'time of our lives' is aged between 18 and 25 years old, when you are most likely to have time for fun and socialising, be most likely to play sport and hobbies, and be adventurous
- 18 to 25 year olds were in reality most likely of all age groups to be lonely and have financial worries. They are least likely to be in a satisfying relationship or to live in a nice home.
Honey Langcaster-James said: "We still think of over 55s as being past it, lonely, almost 'retired' from active life. With 61 year olds reaching the North Pole, 50 year olds having children, 75 year olds starting up new businesses, the reality could not be further from these outdated stereotypes. Baby boomers are actually in fact having the time of their lives."
She continued: "We have to address society's deep rooted ageism and overcome the negativity associated with being older. There is a clear opportunity for government and the financial services industry to harness the optimism that the baby boomers have for the future with the long-term saving needed to achieve their goals. If we can do this, then the benefits to our society and economy will be significant."
John Lawson, Head of Pensions Policy, Standard Life said: "Baby boomers live a far younger lifestyle, are ambitious for an active future when they can travel more, work on their terms and launch new business ventures, as well enjoy time with friends and family. This shift in attitudes spells the death of retirement as we know it. The financial services industry must respond and do more to connect this excitement for the future to saving into lifelong products that will allow people to achieve their goals."
Additional research findings:
- People think that between 26 to 35 years old, you will be most likely to 'settle down' and care for children/ family or start a business
- In reality, this age group is the least defined with people just as likely to be travelling abroad and socialising than having children or starting a business
- It is not until 'middle age', between 36 to 55 years old, that people are most likely to care for children or family, be in a satisfying relationship or start a business
- At this age, people were also found to have least time for fun or socialising and be least likely to be happy and content.
'Age Old Stereotypes' is based on a YouGov survey of a UK representative sample of 2,100 adults analysed by psychologist Honey Langcaster-James. Respondents were asked to identify which feelings and activities they thought were typical at a certain age. To avoid bias, the survey was repeated a week later when respondents were asked to identify which activities and feelings applied to them.
The report is the latest in the Standard Life 'Death of Retirement' series, part of the active money campaign launched earlier this year. For more information, www.activemoneysipp.com or see the report at http://www.standardlife.com/media/business_reports.html.
For more information or interviews with spokespeople please contact:
Lucy Coyle
PR Consultant, Standard Life
0131 245 8958
0773 497 4252
lucy_coyle@standardlife.com
Paul Keeble
Senior PR Manager
0207 872 4481
0771 248 6387
Paul_a_keeble@standardlife.com
Further comments:
Roger Davies, MD Fish4Flies and adventurer, (61)
"In March this year, I led Team Standard Life in a race to the North Pole. I am one of the oldest competitor to have ever completed the Polar Race, known as the 'world's toughest physical challenge'. Age has never been a barrier to fulfilling my ambitions and I am now planning my next adventure."
Camille Ortega Maclean, Founder the Pickled Village, (50s) - "Two years ago I left Glasgow to make a new start in Bulwick having been bought out of a preserve factory that I ran. At the time, I wasn't planning to start another business, but I quickly felt restless and saw an opportunity to take over what was the old Post Office/Village Shop. I turned it into wee fine food shop, and on a small scale, restarted producing preserves. I didn't expect the Pickled Village to be a success but the business boomed, with a great deal of press interest and coverage and now online sales have taken off. Retirement is simply not in my thoughts and while I'm busy, I love being able to work exactly as I want to, in a business run as I want it. Fortunately I have a lot of energy and enthusiasm."
Rod Dungate, writer and education specialist (63)
"Society tells you that you are old which said often enough starts to feel like it is true. It is a constant struggle to overcome this feeling of being 'old'. The truth is, I have never been busier than I am now. While it can be scary being a complete freelancer as you never know where money will come from, it does mean I get to choose exactly what I work on and am able to devote time to my writing."
Chris Ball, Chief Executive, The Age and Employment Network
"There is mounting evidence that older workers have shelf lives well beyond state pension age. Many are truly at their best as the years roll by. Bizarrely, many organisations are locked in the mind set of pushing people out of the door when they reached a fixed age ? mandatory retirement. Forcing people out when they are confident, enjoying work, and at their best, makes no sense. Employers need to wake up to the potential of older workers and need to offer a range of working patterns, with flexibility at the core."
Adam Young, Financial Life Planner, Dragonfly Financial Planning
"By truly understanding and placing consumer's lifestyle aspirations at the heart of financial planning you can create a relationship built upon trust, authenticity and integrity that helps baby boomers focus on what is really important to them. A considerable number of baby boomers cannot face the retirement question, preventing them in engaging with effective long term saving. If we can help them understand their goals, dreams and aspirations, when building a Financial Plan, we can help them achieve the freedom they want in later life. In this way, we will better engage customers and ultimately support them to a healthier (financial) future."
Notes to editors
- Research findings are based on a YouGov survey of 2106 adults commissioned by Standard Life. Fieldwork was undertaken between 8th - 11th May 2009. The figures have been weighted and are representative of all GB adults (aged 18+).
- Standard Life Assurance Limited is recognised for the high quality of its customer service, in particular for providing a service that is consistent, reliable and responsive. Standard Life received recognition for this in 2008 when the company were voted a 5 star provider at the Financial Adviser Service Awards for the 13th year running.
- Standard Life has over 6.5 million customers worldwide and provides an extensive range of products and services, aimed at meeting the financial requirements of customers throughout their lives.